3 months arrears

[whattodo?]

Hi,

I was wondering if you could give me some advice.

I currently have a BOSI loan which is 3 1/2 years in over a 5 year loan period. Currently I am 3 months in arrears. I will not to miss a payment again - secured employment now!

However, my question is, if I say to them that I cannot pay the arrears for the foreseeable future but will pay the agreed monthly amount going fortward - what will they do? Will they take me to court? I just cant afford to pay extra each month but will be ok with the agreed amounts

Many Thanks

 

[Brendan Burgess]

Have you spoken to them.

They will probably reschedule the loan so that you can pay it over a longer period and they won't hassle you for arrears.

 

[frostie]

The likelihood is that they will reschedule the loan, but only after they see regular payments (typically 6 months consecutively) and then they will either reschedule to extend the term, or absorb the arrears, with the term remaining the same, so your monthly repayment will increase a little.

They will not usually send it to recovery until you have defaulted over 6 months, but you do need to talk to them and explain your predicament.

www.frost.ie